Philippine Infradev Holdings has awarded a US$1.21 billion engineering, procurement and construction (EPC) contract for the first eight-kilometre phase of the Makati City Subway Project to state-owned China Construction Second Engineering Bureau Co. Ltd.
In a September 8 statement to the Philippine Stock Exchange, Infradev Holdings said Makati City Subway (MCSI), a wholly owned subsidiary of Infradev, and the corporate vehicle to undertake the Makati subway project executed the EPC contract with China Construction Second Engineering Bureau during the 2020 International Fair for Trade in Services, The Belt and Road and Overseas Projects held in Beijing. The EPC contract covers civil works as well as mechanical, electrical, and plumbing (MEP) works of the project.
The direct construction price under the EPC contract is US$978.6 million for civil works and US$234 million for the MEP works, the statement said. The terms of the EPC contract were made according to the provisions of the Public Private Partnership Joint Venture Agreement dated July 30 2019 between the consortium and Makati City, which envisaged project completion by 2025.
The subway will have ten stations connecting the Makati City central business district.
China Construction Second Engineering Bureau is a subsidiary of China State Construction Engineering Corp.